The earnings call reflected a strong performance for fiscal 2025, with significant revenue growth and advancements in HAMR technology. While there are challenges such as the global minimum tax and production capacity allocation for new product qualifications, the company's outlook remains positive with expected continued demand in cloud and edge markets.

Company Guidance -

Q1 2026

During the Seagate Technology fiscal fourth quarter and fiscal year 2025 conference call, the company reported a robust performance with a 30% year-over-year revenue increase for the June quarter and a 39% rise for the fiscal year. Notably, Seagate achieved record gross margins that improved for the ninth consecutive quarter, driven by the growing adoption of heat-assisted magnetic recording (HAMR) technology. The company reported non-GAAP earnings per share (EPS) of $2.59 for the quarter and $8.10 for the fiscal year, reflecting strong free cash flow generation. Seagate's fiscal year-end results were marked by a near doubling of non-GAAP gross profit dollars and a more than tripling of operating profit, indicating strong supply-demand alignment and cost discipline. Looking forward, Seagate anticipates further revenue growth, profitability, and cash generation in fiscal 2026, with the resumption of share repurchases planned for later in the quarter. The company also highlighted strong global cloud demand and the ongoing ramp-up of HAMR-based products, with expectations to qualify key global cloud service provider customers by mid-calendar 2026. Additionally, Seagate plans to increase its mass capacity shipments and maintain capital discipline with targeted capital expenditures within 4% to 6% of revenue for fiscal 2026.

Strong Financial Performance

Seagate closed fiscal 2025 with 30% year-over-year revenue growth for the June quarter and record gross margins, which improved for a ninth consecutive quarter. Revenue for the fiscal year increased 39%, with non-GAAP gross profit nearly doubling and operating profit more than tripling.

HAMR Technology Progress

Seagate began the high-volume ramp of two new nearline platforms, including the industry's first heat-assisted magnetic recording (HAMR) hard drive. This is expected to support growth, with multiple CSPs qualifying the technology.

Cloud Demand and Nearline Product Success

Strong global cloud demand, with visibility into nearline exabyte production capacity being largely spoken for through the next calendar year. Record quarterly sales and volume shipments for nearline products were achieved.

Positive Outlook for Fiscal 2026

Seagate expects to resume share repurchases, reflecting confidence in improving profitability and cash generation. The company is positioned to capture growth opportunities in the cloud and at the edge with its HAMR-based technology.

Seagate Tech (STX) Earnings, Revenues Date & History

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STX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2026 (Q1)	2.34 / -	1.58	―	―	―
Jul 29, 2025	2025 (Q4)	2.45 / 2.59	1.05	146.67% (+1.54)
Apr 29, 2025	2025 (Q3)	1.74 / 1.90	0.33	475.76% (+1.57)
Jan 21, 2025	2025 (Q2)	1.88 / 2.03	0.12	1591.67% (+1.91)
Oct 22, 2024	2025 (Q1)	1.49 / 1.58	-0.22	818.18% (+1.80)
Jul 23, 2024	2024 (Q4)	0.76 / 1.05	-0.18	683.33% (+1.23)
Apr 23, 2024	2024 (Q3)	0.29 / 0.33	-0.28	217.86% (+0.61)
Jan 24, 2024	2024 (Q2)	-0.06 / 0.12	0.16	-25.00% (-0.04)
Oct 26, 2023	2024 (Q1)	-0.24 / -0.22	0.48	-145.83% (-0.70)
Jul 26, 2023	2023 (Q4)	-0.27 / -0.18	1.59	-111.32% (-1.77)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

STX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 29, 2025	$152.68	$147.42	-3.45%
Apr 29, 2025	$81.17	$90.55	+11.56%
Jan 21, 2025	$99.90	$106.73	+6.84%
Oct 22, 2024	$110.32	$101.38	-8.10%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.